BIS Exec Says Defi As 'Wake-up Call' for Regulators, Global Crypto Policy Expected By 2022

Crypto is "expanding extremely rapidly" and "becoming popular in a different way," according to Benoît Curé, an assessor at the Bank of International Settlements (BIS). He stated governments "are likely to agree on a global framework for crypto next year," stressing that financial decentralization (defi) is a "wake-up call" for financial authorities.


The BIS Officer interprets the definition as a regulator's wake-up call, with global policy expected in the coming year.

Last week, Benoît Curé, a member of the BIS Executive Committee and the current head of the BIS Innovation Center, spoke on bitcoin, global regulation, and decentralized finance (defi).

Curé is a member of the European Central Bank's (ECB) Executive Council, and before to joining the ECB, he held several roles in the French Ministry of Finance and the French Office of Debt Management. He learned that he had been selected to run the French competition authority on Thursday.

Worldwide regulators have escalated their discussion on a high-level global for cryptocurrencies and decentralized finance, according to the chairman of the BIS Innovation Center. An excerpt from the publication is as follows:

"Financial authorities are expected to establish a worldwide framework for crypto next year after being jolted awake by the fast expansion of decentralized finance."

The BIS executive said that authorities couldn't ignore the defi since it "opens new paths..." for links with traditional finance, which might lead to new types of systemic risk.

Curé expects that the Financial Stability Board (FSB) will become the most convenient platform for regulators throughout the globe to develop a uniform framework, with the objective of having it completed by 2022. She does, however, say that "countries-countries are taking time to implement new policies," meaning that "a globally stable environment may take another two or three years." According to a BIS executive,

"The concern in 2022 is that great wants,such as Europe, the United Kingdom, the United States, and China, continue to move, but in distinct directions, resulting in non-global systems."

Curé believes that varied approaches to crypto by different nations will provide chances for "regulatory arbitrage," or organizations and people that help authorities by choosing the most profitable venues for trading. "That is a risk to be avoided," he said, "and there is still time to avoid it." Last week, last week, last week, last week, last week, last week, last week, last week, last week, last week, last week, last week, last week,

It's developing at a breakneck pace and... becoming mainstream in a new way, so the moment for uniform regulation is approaching.

Share:

No comments:

Post a Comment

Note: only a member of this blog may post a comment.

Hot Topic

CEO of Messari: "Bear Markets Are Good for Cleaning House."

 Although most of the crypto industry has had a difficult winter, Messari CEO Ryan Selkis believes that a little austerity will be good for ...

counter, at the bottom of the page, in a table, div or under a menu.